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Earnings Per Share
 3 Months Ended
Mar. 31, 2023
Earnings Per Share [Abstract]  
Earnings Per Share

6) Earnings Per Share

 

Earnings per share amounts have been retroactively adjusted for the effect of annual stock dividends. In accordance with GAAP, the basic and diluted earnings per share amounts were calculated as follows:

 

           
   Three Months Ended
March 31		 
   2023   2022 
Numerator:        
Net earnings  $1,240,172   $3,228,718 
Denominator:          
Basic weighted-average shares outstanding   21,080,549    21,381,988 
Effect of dilutive securities:          
Employee stock options   531,486    884,485 
           
Diluted weighted-average shares outstanding   21,612,035    22,266,473 
           
Basic net earnings per share  $0.06   $0.15 
           
Diluted net earnings per share  $0.06   $0.15 

 

For the three month periods ended March 31, 2023, and 2022, there were 730,270 and nil anti-dilutive employee stock option shares, respectively, that were not included in the computation of diluted net earnings per common share as their effect would be anti-dilutive. Basic and diluted earnings per share amounts are the same for each class of common stock.

 

The following table summarizes the activity in shares of capital stock.

 

   Class A   Class C 
Outstanding shares at December 31, 2021   17,642,722    2,866,565 
           
Exercise of stock options   50,223    - 
Conversion of Class C to Class A   207    (207)
           
Outstanding shares at March 31, 2022   17,693,152    2,866,358 
           
Outstanding shares at December 31, 2022   18,758,031    2,889,859 
           
Exercise of stock options   48,046    - 
Conversion of Class C to Class A   936    (936)
           
Outstanding shares at March 31, 2023   18,807,013    2,888,923 

 

 

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2023 (Unaudited)